N.Y. General Municipal Law 99-D – Planning for future capital improvements
§ 99-d. Planning for future capital improvements. 1. Notwithstanding the provisions of any general, special or local law, the governing board or other appropriate authority of a municipal corporation, school district or district corporation may authorize the preparation of surveys, preliminary plans and detailed plans, specifications and estimates necessary for planning for a capital improvement which it is contemplated might be undertaken in the future and may provide for the manner in which the cost thereof shall be financed, subject, however, to the applicable provisions of any general, special or local law respecting the issuance of bonds or notes.
Terms Used In N.Y. General Municipal Law 99-D
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
2. The total amount of bonds or capital notes which may be authorized in any fiscal year of the municipal corporation, school district or district corporation to finance such advance planning pursuant to this section shall not exceed the maximum amount of budget notes which it may issue in such year pursuant to subdivision two or subdivision three of paragraph a of § 29.00 of the local finance law, as the case may be, provided, however, that for the purposes of this subdivision, amounts which are to be paid in the first instance from improvement district assessments shall be included in computing "the amount of the annual budget" of a town or a county in accordance with section 29.00 of such law.
3. If the advance planning is undertaken for the purpose of an existing or proposed county or town improvement district, or any extension thereof, the existing district, or the proposed district when created, or the extension thereof, shall reimburse the county or town for the cost of such advance planning, including any interest on any obligations issued to finance such cost. The amount so reimbursed shall be applied first to the payment of any outstanding obligations issued to finance such expenditure.